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Week Ahead – Can the BoE and SNB hike by 50bps? EZ Flash PMIs incoming
video The central bank theme will continue in the coming week with the Bank of England and Swiss National Bank next to announce their interest rate decisions. Both are expected to raise their policy rates but is there room for hawkish surprises? The flash PMIs for June will also be on investors’ radar as some regions such as the Eurozone grapple with a recession. Inflation data will be the highlight in Japan but it’s looking like a quieter period in the United States, allowing the US dollar to take a backseat after the Fed’s decision to pause. BoE to likely play it safe despite inflation risks It is no secret ... (full story)
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The Federal Open Market Committee (FOMC) is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society. Employment, inflation, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Monetary policy plays an important role in stabilizing the economy in response to these disturbances. The Committee’s primary means of adjusting the stance of monetary policy is through changes in the target range for the federal funds rate. The Committee judges that the level of the federal funds rate consistent with maximum employment and price stability over the longer run has declined relative to its historical average. Therefore, the federal funds rate is likely to be constrained by its effective lower bound more frequently than in the past. Owing in part to the proximity of interest rates to the effective lower bound, the Committee judges that downward risks to employment and inflation have increased. The Committee is prepared to use its full range of tools to achieve its maximum employment and price stability goals. The maximum level of employment is a broad-based and inclusive goal that is not directly measurable and changes over time owing largely to nonmonetary factors that affect the structure and dynamics of the labor market. Consequently, it would not be appropriate to specify a fixed goal for employment; rather, the Committee’s policy decisions must be informed by assessments of the shortfalls of employment from its maximum level, recognizing that such assessments are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments. The inflation rate over the longer r post at 11:01am: FED: OUTLOOK FOR FUNDS RATE SUBJECT TO ‘CONSIDERABLE UNCERTAINTY’. post at 11:01am: FED: SLOWING INFLATION MAY DEPEND IN PART ON FURTHER EASING OF TIGHT LABOR MARKET. post at 11:02am: FED: SEVERAL MAJOR FOREIGN CENTRAL BANKS CONTINUED TIGHTENING, BUT ALSO EMPHASIZED NEED TO BE CAUTIOUS GIVEN LAGS AND UNCERTAINTY. post at 11:04am: *Fed: Will Make Decisions About Further Hikes Meeting by Meeting *Fed: Period of Below-Trend Growth Likely Needed to Curb Inf. *Fed: Inflation Has Moderated but Remains Above 2% Target *Fed: Tighter Credit Conditions to Weigh on Economic Activity
Federal Reserve Bank of Richmond President Thomas Barkin said the central bank might need to tighten monetary policy further to reduce inflation and slow a resilient US economy ...
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- Posted: Jun 16, 2023 10:30am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,427
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